ISPFCU

ISPFCU held its 2014 Annual Meeting Friday, June 27, 2014 at the Northfield Inn in Springfield, Illinois. Members in attendance were informed of the current financial state of the institution by the officials and management staff of the Credit Union.

Vice-Chair Teresa Kettelkamp reported on the tremendous volunteer base the Credit Union enjoys and the excellent cooperation and communication between those volunteers and the staff. Treasurer Boyd Butler reported on the financial results from 2013 and stressed that although it was a challenging year ISPFCU remains financially strong and will remain that way into the future. Chief Executive Officer Megan Becker gave detailed information in regards to the challenges the organization faced as well as an overview of key growth and statistical information from 2013. Member of the Election Committee Diane Grottola presented the 2014 election results.

Preceding the conclusion of the Annual Meeting officials and management staff held an open forum where they addressed questions and comments from the members in attendance. Questions included:

  • Member inquired about the decrease in overall dividend expense from 2012 to 2013. Staff responded that this is due to funds moving from higher earning shares to lower earning shares, mainly maturing Share Certificates being reinvested at the current lower dividend rates.
  • Member discussed a recent article which stated that Credit Unions were being pressured to lend to lower quality borrowers who may not qualify for the loan. Member inquired if this was an issue at ISPFCU. Staff responded that it has not been an issue and this may be because of our unique membership base. Staff expects this would mainly pertain to community charted institutions.
  • Member asked the percentage of Illinois State Police members versus non-ISP members who were expelled during the Member Expulsion meeting. After research the staff determined that 53% of the members expelled were ISP and ISP Family with another 20% originating from other law enforcement groups. The remaining 27% were from other non-law enforcement groups.
  • Member commented on the overall quality of the staff and facility. Member stated that staff is always willing and eager to help and they always greet members with a friendly smile and attitude. Member stated that the facility always looks well-kept, clean, and inviting.